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Preliminary Results for June 2020 – PEMEX

PEMEX · Jun 30, 2020 · 54 slides

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Slides

  1. Preliminary Results for June 2020 – PEMEX – slide 1
    Preliminary Results at June 30, 2020 Sonda de Campeche
  2. Preliminary Results for June 2020 – PEMEX – slide 2
    Campo Ayatsil
  3. Preliminary Results for June 2020 – PEMEX – slide 3
    2Q20 Total Hydrocarbons Production Liquid Hydrocarbons Production (including partners)1 2018-2020 (Mbd) Production of liquid 1,899 1,869 1,829 hydrocarbons with partners 1,690 1,690 1,712 1,712 1,758 1,693 Production -1.8%1,738…
  4. Preliminary Results for June 2020 – PEMEX – slide 4
    PEMEX production in 2Q20 was stable as compared to 2Q19 Liquid hydrocarbons production (without partners)1, 2018-2020 (Mbd) 1,893 1,860 1,816 1,675 1,673 1,694 1,693 1,739 1,673 Production -1.8%1,723-2.4% -1.8% -2.3% -5.3%…
  5. Preliminary Results for June 2020 – PEMEX – slide 5
    Crude Oil Production 2018 20201 Thousand barrels per day Shut in production (OPEP+ agreement) 2,000 Lowest 1,928 1,893 1,879 record 1,900 1,858 1,861 1,839 1,834 1,803 1,812 1,800 1,753 1,751 1,730 1,736 1,726 1,702 1,714…
  6. Preliminary Results for June 2020 – PEMEX – slide 6
    New fields production Actual Wells that will soon start Additional Start Conclusion Wells in production productio/1 production production( (Mbd) (julio-diciembre) Mbd) 1. Xikin February 5 2019 January 16 2020 Xikin-22 y Xikin-24 1.6…
  7. Preliminary Results for June 2020 – PEMEX – slide 7
    Mexicos Crude Oil Production Jan-June 20201 Thousand barrels per day 1,743 After almost 6 years from the energy reform, Petrleos Mexicanos contributes the most to Mexicos crude oil production 99.0% 1,725 PEMEX Private…
  8. Preliminary Results for June 2020 – PEMEX – slide 8
    Crude oil exports increased in 2Q20 Total Crude Oil Exports Thousand barrels per day (Mbd) 2019 1,600 2020 1,400 Mbd 1,200 1,000 800 600 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Diferencia 189 -382 -6 155…
  9. Preliminary Results for June 2020 – PEMEX – slide 9
    Mexican Crude Oil Mix Export Price USD/b 61.9 60.3 56.8 59.0 56.8 57.8 55.1 54.5 53.8 49.5 50.6 50.5 As a result of the COVID- 19 pandemic, during 2Q20, 48.7 the average price of the mexican export mix 37.5 recorded USD 24…
  10. Preliminary Results for June 2020 – PEMEX – slide 10
    Oil Products Reference Price USD per barrel USD/b 100 90 80 70 60 Gasolines 50 Ultra Low Sulphur 40 Diesel 30 Jet Fuel 20 10 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2019 2020…
  11. Preliminary Results for June 2020 – PEMEX – slide 11
    Crude oil process in 2Q20 increased by 40 Mbd as compared to 2Q19 Crude Oil Processing, 2018-2020 Thousand barrels per day (Mdb) 705 640 657 631 597 595 559 557 542 505 Crude oil processing in PEMEX's refineries increased due…
  12. Preliminary Results for June 2020 – PEMEX – slide 12
    Fuel Production Increased in 2Q20 Gasoline Production1 Thousand barrels per day (Mbd) 243 219 211 218 221 192 174 192 193 187 Due to the completion of maintenance works at the 1T18 2T18 3T18 4T18 1T19 2T19 3T19 4T19 1T20…
  13. Preliminary Results for June 2020 – PEMEX – slide 13
    Gasoline and Diesel Domestic Sales, 2020 Annual percentage growth -8% -8% As of May, 2020, -13% domestic sales recorded a positive trend that continued throughout June -27% -38% -37% Jan Feb Mar Apr May Jun 1. July…
  14. Preliminary Results for June 2020 – PEMEX – slide 14
    Average 2018 56 Nov 81 2018 Dec 01-20 74 Average 2019 Average 2020 Jan Feb Mar Apr May Jun Jul 01-jul 02-jul 03-jul 04-jul 05-jul 06-jul 07-jul Mbd 08-jul 09-jul 10-jul 11-jul 12-jul…
  15. Preliminary Results for June 2020 – PEMEX – slide 15
    Losses due to fuel subtraction MXN million 36,214 Successful strategy against fuel subtraction Estimated savings for PEMEX in two years 2 amounted to** MXN 72,557 3,225 3,630 1,420 million 1,015 256 2018 * 2019 *1…
  16. Preliminary Results for June 2020 – PEMEX – slide 16
  17. Preliminary Results for June 2020 – PEMEX – slide 17
    Net Profit (Loss) MXN million -52,790 -44,337 For the second quarter of 2020, PEMEX improved its results, as compared to 2Q19 and 1Q20 In 1Q20, net loss was mainly explained by the -562,251 profit exchange loss due to…
  18. Preliminary Results for June 2020 – PEMEX – slide 18
    2Q20 Financial Highlights MXN billion 2Q19 1Q20 2Q20 1 Sales 376 284 181 2 Cost of sales 282 243 153 3 Impairment (reverse) 4 (26) 18 4 Gross Income 90 67 10 Transportation and distribution 5 37 37 40 expenses 6 Operating income…
  19. Preliminary Results for June 2020 – PEMEX – slide 19
    Profit Margin (EBITDA / Sales) 1H20, O&G benchmark 40% In the first half of the year, EBITDA as a proportion of sales at PEMEX recorded 20%, placing the company in third place among the selected 34% companies in the industry. 20%…
  20. Preliminary Results for June 2020 – PEMEX – slide 20
    EBITDA and operating expenses peer comparison PEMEXs efficiency: Operational costs below the average of O&G peers 100% 12% 11% 10% 10% 10% 9% 20% 18% 17% EBITDA 1/ 4% 5% 5% 4% 7% 8% 34% 2% 2% 40% 75% 12% 2/ 7% SG&A 10%…
  21. Preliminary Results for June 2020 – PEMEX – slide 21
    EBITDA: Flow generation capacity EBITDA MMMUSD EBITDA Margin (%) MMMP Petrobras 40 18 42% 58% 41% 35% 30% 20% 70 Ecopetrol 34 61.4 16 58.7 PEMEX 20 Mexican cride oil Price mix 60 14 48.2 Equinor 18 44.2 50 12 Industria 17…
  22. Preliminary Results for June 2020 – PEMEX – slide 22
    PEMEXs lifting costs 2016-2019 USD/b 13.7 14.1 Between 2016 and 2018, lifting costs +26.0% +2.4% increased by 33% 10.9 on average, on a +40.1% yearly basis 7.8 With the expense discipline implemented, the increase in…
  23. Preliminary Results for June 2020 – PEMEX – slide 23
    Results of Austerity and Expense Discipline 2015-2020 MXN million 8,300 Efficiency, austerity 6,640 6,277 and expense 4,805 discipline at PEMEX 2,019 1,128 2020 2015 2016 2017 2018 2019 (Jan-Jun) Cleaning and sanitation…
  24. Preliminary Results for June 2020 – PEMEX – slide 24
    Payments to Suppliers and Contractors January-June MXN million 158,815 +6.2% 149,613 Despite the severe global crisis, a detailed financial planning has allowed the company to mantain a steady flow of payments, and even…
  25. Preliminary Results for June 2020 – PEMEX – slide 25
    Acknowledgement of liabilities and accounting provisions According to IFRS: A liability must be acknowledged every time there is a legal or contractual obligation. A provision must be recorded when resource output is likely and it…
  26. Preliminary Results for June 2020 – PEMEX – slide 26
    Total Financial Debt and Operational Performance, 2013-2020 2,522 106 2,429 103 105 105 2,267 96 87 1,948 2,154 1,823 1,706 78 1,684 64 1,224 1,155 1,065 933 767 612 592 589 2013 2014 2015 2016 2017 2018 2019 2020…
  27. Preliminary Results for June 2020 – PEMEX – slide 27
    CAPEX, 2013-2020 MXN million 277,156 253,465 203,307 183,021 178,329 113,025 111,127 96,762 2013 2014 2015 2016 2017 2018 2019 2020 E*1 Source: PEMEXs 20-F Forms 1. For 2020 is estimated Budget for year-end. 27
  28. Preliminary Results for June 2020 – PEMEX – slide 28
  29. Preliminary Results for June 2020 – PEMEX – slide 29
    Transfers from PEMEX to SHCP and support received, Jan-June 2020 MXN million 341,185 Total 113,799 Direct PEMEX has (DUC & PEMEX has received this support transferred MXN others) from the Federal Government 262,622 million to…
  30. Preliminary Results for June 2020 – PEMEX – slide 30
    GDP O&G Contribution 2018-2020 Percentage of contribution 12.5% 12.2% 12.0% 11.9% 11.9% 11.9% 11.6% 11.8% 11.5% 11.4% 11.0% 11.2% 11.0% 10.5% T1 2018 1Q T2 2018 3Q 2018 2Q T3 2018 4Q T4 2018 1Q T1 2019 2Q T2 2019 3Q T3…
  31. Preliminary Results for June 2020 – PEMEX – slide 31
    O&G Industry Contribution to National GDP, 2017-2020 This graph shows the evolution of the oil and gas extraction industry as part of Mexico's total GDP. As a result of increased oil production and a higher level of processing in…
  32. Preliminary Results for June 2020 – PEMEX – slide 32
    Crude oil production Forecast (PEMEX) & WTI prices by rating agency Expected WTI expected PEMEXs Average observed annual crude oil Rating Agency % vs 2019 Price 2020 production % vs 1H19 WTI price* 1H20 production (USD / b)…
  33. Preliminary Results for June 2020 – PEMEX – slide 33
  34. Preliminary Results for June 2020 – PEMEX – slide 34
    PEMEXs Debt Balance MXN billion1 For the first time in 12 years, MXN 99 billion Petrleos Mexicanos reduced its reduction debt balance 1,955 2,006 2,049 1,950 1,475 1,130 831 2013 2014 2015 2016 2017 2018 2019 1. It…
  35. Preliminary Results for June 2020 – PEMEX – slide 35
    Ten-year PEMEXs bond yield Pre-Covid-19: Jan 2018 Feb 2020 Covid-19: Mar Jul 2020 PEMEX 10 years PEMEX 10 yers 8.0 12.0 Max: Max: 27/04/2020 7.5 20/11/18 11.0 12.05% 7.65% 7.0 10.0 Income (%) Income (%) 24/07/2020:…
  36. Preliminary Results for June 2020 – PEMEX – slide 36
    PEMEXs crude oil hedge payments 2020 As of today, Petrleos Mexicanos has already received five payments for oil hedging At June 2020, these payments amounted to USD 173.2 million The expected payment for the rest of the months…
  37. Preliminary Results for June 2020 – PEMEX – slide 37
    Financial Strategy for 2H20 Debt payments for the rest of the year are in line to be met as scheduled Just back on July 23rd , we paid around USD 1.1 billion in debt amortizations and interests. PEMEX continues to work in a…
  38. Preliminary Results for June 2020 – PEMEX – slide 38
    Financial strategy for 2H20 Negotiations with Export Credit Agencies (ECAs) have been ongoing and will be finalized during the third and fourth quarters of the year. Moreover, PEMEX will implement financing strategies that do not…
  39. Preliminary Results for June 2020 – PEMEX – slide 39
    2020 Financing Program and Maturity Profile for 2021 Onwards USD billion 30.2 8.7 9.8 8.5 6.0 5.5 6.3 4.0 4.3 3.6 4.7 3.9 1.6 1 0.0 0.0 0.0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034…
  40. Preliminary Results for June 2020 – PEMEX – slide 40
    Sonda de Campeche
  41. Preliminary Results for June 2020 – PEMEX – slide 41
    The agreement with OPEC+ and weather conditions affected production Liquids Daily Production Mbd NotE: During the 3Q19, the crude oil and condensates series was adjusted to include the proportional part of Ek-Balams production that…
  42. Preliminary Results for June 2020 – PEMEX – slide 42
    Liquids' production remained stable under unprecedented circumstances Liquids Quarterly Production Heavy Light Extra-light Condensates Mbd 1,673 1,694 1,693 1,739 1,673 1% 2% 2% 7% 1% 8% 3% 7% 1,600 8% 8% 27% 28% 28% 27% 25%…
  43. Preliminary Results for June 2020 – PEMEX – slide 43
    Liquids production stabilization is also explained by development and early production of new fields, which contribute to offset production decline 90 Deferred production of the new fields is due to: 89 Delay in infrastructure…
  44. Preliminary Results for June 2020 – PEMEX – slide 44
    Natural gas production records a marginal decrease Natural Gas Production1 MMcfd 4,000 3,637 3,685 3,769 3,714 Natural Gas Production 3,604 2Q20 25% 28% 25% 25% 3,000 28% 2,000 47% 75% 74% 75% 75% 53% 72% 1,000 0 2Q19 3Q19 4Q19…
  45. Preliminary Results for June 2020 – PEMEX – slide 45
    Exploration activities in 2Q20 preliminarily incorporated 620 Mmbpce of 3P reserves Golfo de Mxico Tampico Mrida Poza Rica Campeche Veracruz Cd. Del Carmen Paki-1 Frontera Ixachi-2001 Terra-101 Coatzacoalcos…
  46. Preliminary Results for June 2020 – PEMEX – slide 46
    Planta Coquizadora - Tula
  47. Preliminary Results for June 2020 – PEMEX – slide 47
    The Crude Oil Process and Oil Products Crude Oil Processing Heavy Crude Variable Refining Margin Mbd Light Crude USD/b 657 15.0 631 595 9.91 600 557 542 10.0 344 5.0 1.61 264 320 -0.99 400 285 274 -2.64 0.0 -5.0 200 331 313 272…
  48. Preliminary Results for June 2020 – PEMEX – slide 48
    Gas Processing and Production Wet Gas Processing Sweet Wet Gas MMcfd 2,753 2,889 2,881 2,826 2,771 Sour Wet Gas 2,800 430 417 455 446 443 2,100 1,400 2,336 2,458 2,427 2,380 2,328 700 - 2Q19 3Q19 4Q19 1Q20 2Q20 Dry Gas and Gas…
  49. Preliminary Results for June 2020 – PEMEX – slide 49
    Petrochemicals Production Production of petrochemicals Thousand tons (Mt) Other*1 500 451 Carbon black 406 38 408 Sulfur 400 35 73 350 49 358 53 Propylene and 29 57 71 Derivatives 300 99 43 Aromatics and 92 35 Derivatives…
  50. Preliminary Results for June 2020 – PEMEX – slide 50
    PEMEXs Industrial Safety Performance Frequency index Severity Index Accident with disabling injuries/ MMhh Total number of days lost/ MMhh 0.6 30 25 0.5 25 20 0.4 20 0.35 15 0.3 0.27 15 0.21 0.19 0.2 10 0.15 7 5 0.1 5 0.0 -…
  51. Preliminary Results for June 2020 – PEMEX – slide 51
    Refinera Lzaro Crdenas, Minatitln, Ver.
  52. Preliminary Results for June 2020 – PEMEX – slide 52
    Estacin de Bombas Beristain, Pue.
  53. Preliminary Results for June 2020 – PEMEX – slide 53
    Questions and Answers Alberto Velzquez Chief Financial Officer Francisco Flamenco Acting General Director at Pemex Exploration and Production Reinaldo Wences Deputy Director of Evaluation and Regulatory Compliance at Pemex…
  54. Preliminary Results for June 2020 – PEMEX – slide 54
    Investor Relations (+52 55) 9126-2940 ripemex.com www.pemex.com/en/investors Sonda de Campeche

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